Stan Lee Socks His Former Company With $1 Billion Lawsuit

16/05/2018

However, according to the claim, the defendants were seeking to obtain an exclusive licence to Lee's name, image and likeness on a worldwide basis.

Stan Lee has come out swinging against his former company POW! Entertainment - including the company's current CEO Shane Duffy, and Gill Champion, with whom he co-founded the production company, reports TMZ. "Defendants, and each of them, knew that their objective was unlawful and they meant to aid each other in achieving that unlawful objective".

It appears that POW! was sold in 2017, and Lee maintains that the negotiations were made under false pretenses as the comic book legend was mourning the death of his wife of fifty years, Joan.

He's now suing his former business manager Jerardo Olivarez for fraud, accusing him of mismanaging his affairs and embezzling millions of dollars, at the time when he was grieving over the death of Joan Lee in 2017.

It says Lee was "in a state of total devastation" and that Champion and Duffy were "opportunists" who "saw a chance to take advantage of Lee's despondent state of mind".

The complaint notes that Lee's name is "the most important and prized possession Lee and his family owned his entire life" and that even when he inked a $4 billion deal with Disney in 2010, he refused to give the company the right to use his name.

Lee also claims POW! took control of his social media accounts and has been impersonating him - something he's recently addressed on Twitter.

The comic book creator added that he doesn't recall anyone reading the "illegitimate document" to him and, because of his advanced macular degeneration (he was declared legally blind in 2015), could not have read it himself. The suit states that Lee can not recall anyone reading to him the terms of the agreement and that he did not knowingly sign the document.

The suit hopes to roll back the agreement and collect damages up to one billion dollars.

According to the court documents, Lee had no idea a sale was in the offing.

TheWrap has reached out to Camsing for comment on the suit.

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